There are a multitude of reasons why getting a power of attorney (POA) might be necessary. Maybe your health is failing, or you plan on traveling for extended periods of time, naming a trustworthy individual as your power of attorney could make a huge difference. Fundamentally, a power of attorney is documentation that imparts a person (agent or attorney in fact) the legal authority to act on another individual’s (the principal) behalf.
The primary purpose of this documentation is to guarantee the principal’s health and financials are managed by an individual they trust in should they become debilitated and can no longer make decisions on their own. A lot of people relate power of attorney documents with adult dementia patients, but the requirement for a POA might be as simple as a principal requiring their agent to sign a contract on their behalf when they’re not in town. So, how do you give an individual power of attorney?
How To Give Someone a Power of Attorney
Granting in individual a power of attorney will never be easy. In a lot of cases, the choice comes with a ailing or elderly member of the family. And whereas it is difficult to anticipate what their future holds, one of the ideal ways you can safeguard yourself and your loved ones is to name a trustworthy individual as agent.
Powers of attorney may be granted to an individual using a printed form. Each state will have their own preferable form. These forms can also be printed out or purchased from an online legal site. Go over the following steps to learn more about granting an individual power of attorney.
1) Choose the right individual(s).
While choosing an individual to be your agent sounds unyielding, it’s the matter of putting your life in an other individual’s hands. Prior to jumping the gun, have several conversations with trustworthy family members and/or trusted friends. The people that know you best will be able to assist you in making this big decision – and, frequently, it will expose to you which of your family members will be willing to take on the responsibility on their own.
When you don’t have someone in your personal life that you can trust to be your agent, you may think about hiring a professional fiduciary. These are paid professionals that can carry-out your wishes when you can no longer do it yourself. And typically, a paid fiduciary is given a restricted power of attorney, just managing your financial assets. After your agent(s) has been chosen, you will want them to consult with your attorney, so everyone is in agreement.
2) Speak with an attorney.
You may want to speak to an attorney in order to familiarize yourself with the process prior to you making any decisions at all. It’s totally up to you. Nonetheless, your attorney is going to know all of the specific details that goes into a power of attorney documentation. They will also be able to give you professional advice if you are having a hard time making a decision.
3) Decide what type of power of attorney is ideally suited to your needs.
Perhaps you need one individual to make all your financial decisions, whereas you have another individual in charge of healthcare decisions. Or, possibly you have one individual in mind to manage all aspects of your life.
4) Decide on the specifics.
Is your agent responsible for specific duties such as signing a contract on your behalf, or are they going to be responsible to make all your financial and medical decisions until your passing? Clarifying the specifics is significantly vital so there isn’t any confusion about the agent’s role following the document being signed.
5) Fill-out the power of attorney form.
After you have established who is going to be named as your agent, in addition what duties they are going to be responsible for, it is the time to devise the power of attorney document. You can acquire the POA form from the ABA’s website or websites online. It is a straightforward template, so you won’t have to be concerned about missing something. Include your name, as the principal, and your agent’s name. Each form already details the duties to be accomplished by your agent. You just have to check the related boxes of the duties. Following that you will select the powers that you are going to give your agent.
6) Sign the power of attorney form in the presence of a notary or witness(es).
In a lot of states, the form is required to be filed in the presence of the county clerk to validate the document. Make sure to check your state’s provisions and speak with your attorney prior to signing the form.
How to give someone a power of attorney. (2020, November 06). Retrieved June 30, 2021, from https://thelawdictionary.org/article/how-to-give-someone-a-power-of-attorney/
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